IF I OPT OUT OF THE PCSPS CAN I TRANSFER MY PCSPS BENEFITS?
You may apply for a transfer value as follows:
if you have 2 or more years of qualifying service-to your personal pension scheme or to an approved insurance contract;
if you have less than 2 years' qualifying service to your personal pension scheme.
The transfer payment may relate to benefits in respect of service from 6 April 1988 only. If you have 2 or more years of reckonable service, any benefits relating to service on or before 5 April 1988 will be preserved in the PCSPS. However, if you have less than 2 years' reckonable service before 6 April 1988, the benefits based on that service can also be transferred out of the PCSPS. Before deciding to transfer benefits out of the PCSPS, you should bear in mind the points made on pages 15 to 21.
If you opt out of the PCSPS and you later leave the civil service you can apply for a transfer value in respect of any benefits accruing from your service before 6 April 1988 which have been preserved in the PCSPS. You may use this transfer value in accordance with pages 8 and 10.
The application requirements are described on pages 9 to 13.
WHAT IF I LATER REJOIN THE PCSPS?
If you opt out of the PCSPS and you later decide to re-join the PCSPS, the
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PCSPS will accept a transfer value from your personal pension scheme or insurance policy, if applicable, provided you apply for a transfer value within 12 months of re-joining the PCSPS. The amount of service credit it will purchase will depend on the amount of the transfer value which, in turn, will depend on the level of the fund available. You should note that, if your PCSPS benefits are preserved in respect of the period before you opted out, the two periods of service covered by the PCSPS cannot be added together to make a single award based on your final salary, even if a transfer value is paid from your personal pension scheme or insurance company. Instead you will receive two PCSPS awards:
one, based on your service and salary before you opted out of the PCSPS; and
the other, based on your service, including any transferred-in after rejoining, and salary in your final period of service covered by the PCSPS.
CAN I GET FURTHER INFORMATION?
In all cases you are advised to seek full information from your new pension provider and your former employing department about the operation of the transfer arrangements before reaching a decision on whether to transfer your pension benefits out of the PCSPS. You are also advised to seek an estimate of the transfer value payable and the service credit or pension benefits it will buy. You should note that an estimate will only reflect the position applicable at the date on which it is given. Any subsequent transfer payment is likely to differ from the estimate and the difference will not necessarily be an increase. Employing departments cannot, however, give
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